Shui On Land cuts conversion price of dollar-settled 4.5% convertibles

By Marisa Wong

Madison, Wis., Sept. 12 – Shui On Land Ltd. announced it will lower the conversion price of its dollar-settled 4.5% convertible bonds due 2015 to HK$3.75 per share from HK$3.80 per share, effective Sept. 13.

The price adjustment results from an interim dividend for the six months ended June 30. The dividend will be payable on Sept. 26.

As of Friday, there is RMB 433.5 million of the original RMB 2.72 billion principal amount outstanding.

Shui On Land is a Hong Kong-based property development company.

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